Press Release: Alumis Reports Third Quarter 2024 Financial Results and Highlights Recent Achievements

Dow Jones
14 Nov 2024

of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in Alumis' forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to Alumis' ability to advance ESK-001 and its other clinical candidates and to obtain regulatory approval of and ultimately commercialize Alumis' clinical candidates, the timing and results of preclinical and clinical trials, Alumis' ability to fund development activities and achieve development goals, Alumis' ability to protect its intellectual property and other risks and uncertainties described in Alumis' filings with the Securities and Exchange Commission $(SEC.UK)$, including those described from time to time under the caption "Risk Factors" and elsewhere in Alumis' current and future reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

 
 
                           ALUMIS INC. 
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND 
                        COMPREHENSIVE LOSS 
 
                           (Unaudited) 
 
                    Three Months Ended      Nine Months Ended 
                       September 30,          September 30, 
                    -------------------   --------------------- 
(in thousands)        2024       2023       2024        2023 
-----------------   --------   --------   ---------   --------- 
Operating 
expenses: 
  Research and 
   development 
   expenses         $ 87,824   $ 37,788   $ 178,350   $ 103,071 
  General and 
   administrative 
   expenses           10,575      5,971      23,782      14,971 
                     -------    -------    --------    -------- 
    Total 
     operating 
     expenses         98,399     43,759     202,132     118,042 
                     -------    -------    --------    -------- 
Loss from 
 operations          (98,399)   (43,759)   (202,132)   (118,042) 
Other income 
(expense): 
  Interest income      5,322        951       8,153       2,509 
  Change in fair 
   value of 
   derivative 
   liability              --       (551)     (5,406)       (119) 
  Other income 
   (expense), net        (40)       (18)        (89)        (41) 
                     -------    -------    --------    -------- 
    Total other 
     income 
     (expense), 
     net               5,282        382       2,658       2,349 
                     -------    -------    --------    -------- 
Net loss            $(93,117)  $(43,377)  $(199,474)  $(115,693) 
                     -------    -------    --------    -------- 
Other 
comprehensive 
income (loss) 
  Unrealized gain 
   (loss) on 
   marketable 
   securities, 
   net                   140         (3)        137         127 
                     -------    -------    --------    -------- 
Net loss and other 
 comprehensive 
 loss               $(92,977)  $(43,380)  $(199,337)  $(115,566) 
                     =======    =======    ========    ======== 
 
 
 
                              ALUMIS INC. 
                 CONDENSED CONSOLIDATED BALANCE SHEETS 
                              (Unaudited) 
 
                                      September 30,     December 31, 
(in thousands)                            2024              2023 
----------------------------------   ---------------   -------------- 
Assets 
Current assets: 
  Cash and cash equivalents           $      213,417    $      45,996 
  Restricted cash                                 --              113 
  Marketable securities                      148,453            2,956 
  Research and development prepaid 
   expenses                                   12,241            2,661 
  Other prepaid expenses and 
   current assets                              3,236            1,631 
                                         -----------       ---------- 
    Total current assets                     377,347           53,357 
Restricted cash, non-current                   1,024            1,024 
Property and equipment, net                   21,429           22,441 
Operating lease right-of-use 
 assets, net                                  12,752           12,783 
Other long-term assets                             7                7 
                                         -----------       ---------- 
    Total assets                      $      412,559    $      89,612 
                                         ===========       ========== 
Liabilities, Redeemable Preferred 
Stock and Stockholders' Equity 
(Deficit) 
Current liabilities: 
  Accounts payable                    $        6,444    $       1,118 
  Research and development accrued 
   expenses                                   18,140           10,946 
  Other accrued expenses and 
   current liabilities                         7,464            7,087 
  Operating lease liabilities, 
   current                                     1,467            1,720 
                                         -----------       ---------- 
    Total current liabilities                 33,515           20,871 
Operating lease liabilities, 
 non-current                                  29,631           30,860 
Share repurchase liability                     1,024            1,771 
                                         -----------       ---------- 
    Total liabilities                         64,170           53,502 
                                         -----------       ---------- 
Redeemable convertible preferred 
 stock                                            --          375,370 
Stockholders' equity (deficit) 
  Preferred stock                                 --               -- 
  Common stock                                     5                1 
  Additional paid-in-capital                 912,037           25,055 
  Accumulated other comprehensive 
   income                                        139                2 
  Accumulated deficit                       (563,792)        (364,318) 
                                         -----------       ---------- 
    Total stockholders' equity 
     (deficit)                               348,389         (339,260) 
                                         -----------       ---------- 
    Total liabilities, redeemable 
     convertible preferred stock 
     and stockholders' equity 
     (deficit)                        $      412,559    $      89,612 
                                         ===========       ========== 
 
 
Alumis Contact Information 
 
Teri Dahlman 
Red House Communications 
teri@redhousecomms.com 

(END) Dow Jones Newswires

November 13, 2024 16:05 ET (21:05 GMT)

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